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After a slow and choppy early week of trading, Kiwi pairs saw some directional action off of global risk sentiment and counter currency flows.
New Zealand Headlines and Economic data
Thursday:
- New Zealand food prices rose 0.5% in March 2019. After seasonal adjustment, they were flat
- Arguably, the New Zealand dollar could have been under pressure with the Aussie dollar after the Australian election date was announced; traders may have started de-risking ahead of the binary political event.
- It’s also arguable that U.S. dollar strength and gold weakness was likely a contributor to Aussie weakness during U.S. session after positive U.S. unemployment claims, producer prices data, and various Federal Reserve speeches.
Friday:
- Dollar falls after Adrian Orr says next rate decision not clear; strong US labour data
- RBNZ grapples with economic puzzle mirroring RBA’s dilemma
- New Zealand manufacturing activity cools in March -BNZ survey
- Net migration up 19% in year to February compared to previous year, almost a record high
- The end of week rally was likely spurred by the very positive Chinese data, including a big rebound in exports (Dollar-denominated exports rose 14.2 percent for March y/y), as well as a very big increase in new loans and the M2 money supply.
